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Illumion

Illumion markets a laboratory battery-imaging instrument and is developing an industrial platform. [8] [12] company claim

CountryGB

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Inputs to seller and buyer

Schematic of functional dependencies through integration and delivery.

Complete participants, relationships and sources

Optical and control inputs

analysis

Optical, imaging and electrochemical functions are required. [19] [9]

Vendor identities and outsourcing unknown.

Illumion integration

analysis

Instrument and software form the offered platform. [8]

Production process and location unknown.

Direct or distributor offer

analysis

Illumion and its channel present the product. [8] [10]

Channel allocation undisclosed.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Battery R&D laboratory

analysis

Intended institutional or industrial user. [10]

Category, not confirmed paid customer.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Optical coin cells

company claim

Illumion supplies optical coin-cell packages. [9]

Upstream manufacturer unknown.

Component dependency

analysis

Optical and control inputs → Illumion integration

Optical imaging, electrochemical control and software functions are combined in the Illumion platform. [9]

What happens
Optical imaging, electrochemical control and software functions are combined in the Illumion platform.
Why it matters
Synchronised measurements let a researcher connect observed particle changes with the electrochemical test.
What follows
The integrated system can be offered to customers; individual component vendors are not established.

No named vendor contract asserted.

Instrument supply

analysis

Illumion integration → Direct or distributor offer

The integrated illumionONE system becomes the equipment offered by Illumion and its distribution channel. [10] [8]

What happens
The integrated illumionONE system becomes the equipment offered by Illumion and its distribution channel.
Why it matters
A laboratory needs a usable measurement platform rather than separate, uncoordinated component functions.
What follows
Sales and service discussions can follow; this route does not establish shipment volume.

No shipment volume established.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Equipment and service

analysis

Direct or distributor offer → Battery R&D laboratory

The sales channel offers Illumion equipment and support to battery-research laboratories. [10]

What happens
The sales channel offers Illumion equipment and support to battery-research laboratories.
Why it matters
The laboratory would obtain a platform for observing electrode particles while controlling an electrochemical experiment.
What follows
An agreed purchase and delivery would be needed before claiming an installed customer system.

Offer, not confirmed delivery.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Consumable supply

company claim

Optical coin cells → Battery R&D laboratory

Illumion supplies optical coin-cell packages for use with its measurement system. [9]

What happens
Illumion supplies optical coin-cell packages for use with its measurement system.
Why it matters
The optical window gives the instrument access to the electrode being tested.
What follows
The laboratory assembles the sample and runs its experiment; repeat purchasing volumes are unknown.

Quantity purchased and recurring revenue unknown.

Scope. Supplier names and manufacturing arrangements are unknown. Functional dependencies are not verified trading relationships. CPI validation samples are described separately.

Diagram

Inside the illumionONE workflow

Illumion combines an optical coin cell, electrochemical control and imaging in one benchtop system.

Use Enlarge drawing for detail. The tour caption explains the selected elements.

Inside the illumionONE workflowCurrent product workflow and a separate optical principle inset. Simplified form, not an internal cutaway or measured data.A battery experiment you can watchCurrent illumionONE product workflowillumionONEBenchtop imaging instrumentSimplified outer form, not a cutawayLoad the sampleElectrode stack in an optical coin cellMagnetic cartridge holds the cellSet the cycling protocolSoftware controls the integratedpotentiostat during the experimentControl link; internal wiring omittedThe optical principleOptical windowLight reaches electrode particlesReflected and scattered lightform contrast in camera imagesObjective below cellRead the two records togetherOptical frames + synchronised electrochemistryIllustrative optical view

Step 1 of 4: Load the optical cell. Static diagram.

Guided reading, not physical motion.

Step timings allow time to read. They do not represent physical speed or duration.

  1. Load the optical cell

    Prepare the electrode stack in an optical coin cell and load the magnetic cartridge.

  2. Cycle the electrode

    Acquisition software controls the integrated potentiostat.

  3. Collect the optical signal

    Illumination reaches the electrode through the optical window. Reflected and scattered light form image contrast.

  4. Compare synchronised records

    Read optical frames alongside the electrochemical record. Contrast requires material-specific interpretation.

The current instrument holds an optical coin cell in a magnetic cartridge. Software controls the integrated potentiostat while a camera records optical contrast. A separate inset shows the objective below the cell window; optical frames and electrochemistry are synchronised for analysis. The enclosure is a simplified outer form. Internal wiring, ray paths and measured data are not depicted.

Sources. [19] [9] [20] [24] [8] [25] [26]

Limitations.

  • Marketed principle, not a reconstructed optical apparatus. Selected Methods pages in the authorised manuscript and original supplementary Figure 1 were inspected. Reflected and scattered contributions are not spatially separated here. Optical intensity is not a direct quantitative lithium-concentration map without further calibration. No atom imaging or validated factory inspection is established. Geometry and greys are illustrative, with no physical scale or elapsed-time claim.
Evidence
  • company claim. Illumion describes interference reflection imaging of light scattered by individual active particles; cycling changes their optical response. [19]
  • company claim. Illumion describes camera images synchronised with electrochemistry in an optically accessible coin cell. [9]
  • analysis. Selected Methods pages from the authorised manuscript and original supplementary Figure 1 were inspected. Optical intensity needs material-specific interpretation; this schematic establishes neither atom imaging, universal lithium calibration nor factory validation. [25] [26] [20] [24]
  • company claim. Illumion describes magnetic-cartridge loading of an optical coin cell, integrated potentiostat control and analysis of synchronised optical and electrochemical data. [8]

Diagram elements

  • illumion-product: company claim. Marketed enclosure, simplified from current imagery. Product hardware image and compact benchtop system [8] Limitation. No internal dimensions or component locations inferred.
  • illumion-cartridge: company claim. Cell and cartridge load the electrode sample. Magnetic cartridge and optical coin-cell workflow [8] Limitation. Symbolic cartridge geometry; no assembly instructions.
  • illumion-control: company claim. Software controls cycling through the integrated potentiostat. Integrated potentiostat and acquisition software [8] Limitation. Arrow denotes control, not a cable route.
  • illumion-optics: company claim. Objective below the optical window; illumination reaches electrode particles. Current labelled mechanism composite [19] Limitation. Functional inset, not ray tracing or an instrument cutaway.
  • illumion-analysis: company claim. Optical frames are interpreted alongside the electrical record. Camera and synchronised electrochemical measurements [9] Limitation. Particle silhouettes are illustrations, not measured images or lithium maps.

Interactive 3D explainer

See where a battery electrode changes

An optical cell lets researchers record particle images during an electrical test. Explore the instrument, then the separate measurement principle.

The static explanation below is available without 3D or JavaScript.

Evidence boundary. Exterior based on company images. Enlarged optical and particle views explain published research, not current internal CAD. Contrast is not lithium concentration.

Static explanation and all component roles
  1. Instrument exterior: a stationary explanatory view, not measured motion.
  2. Window and electrode: a stationary explanatory view, not measured motion.
  3. How light becomes an image: a stationary explanatory view, not measured motion.
  4. Read a particle image: a stationary explanatory view, not measured motion.
  5. Link image and test: a stationary explanatory view, not measured motion.
  6. Separate the functions: a stationary explanatory view, not measured motion.
Instrument enclosure
The enclosure holds the sample workflow and measurement platform.

Purpose. It packages optical observation and electrical control in one instrument.

Exterior silhouette only. Proprietary internal positions are unknown.

company claim | inspected 2026-11-01 | Source 1

Magnetic cartridge
A removable cartridge positions the optical coin cell for measurement.

Purpose. The electrode must be loaded with optical access maintained.

Mounting function follows company imagery. No travel or fastening specification is inferred.

company claim | inspected 2026-11-01 | Source 1 | Source 2 | Source 3

Optical coin cell
An optical window faces the electrode while the cell undergoes an electrical test.

Purpose. Light needs access to the tested surface during cycling.

Enlarged functional section. It does not reconstruct the current cell stack.

company claim | inspected 2026-11-01 | Source 1 | Source 2 | Source 3

Electrode particles
Ion insertion and removal change the material and its optical response.

Purpose. Individual particles may respond differently from the whole-electrode average.

Material-specific illustration. No individual ions or quantitative charge state are imaged.

analysis | inspected 2026-11-01 | Source 1 | Source 2

Objective
The objective sends illumination through the window and collects returning light.

Purpose. Particle-scale changes must reach the detector.

Enlarged functional optics. Lens prescription and current internal location are unknown.

analysis | inspected 2026-11-01 | Source 1 | Source 2

Illumination
Incident light reaches the window and electrode surface from below.

Purpose. The camera needs returning optical fields to form an image.

Paths and moving markers are explanatory, not a measured ray trace or photon speed.

analysis | inspected 2026-11-01 | Source 1 | Source 2

Reference reflection
Light reflected at the window combines with light from the particle.

Purpose. Their interference makes small changes in the particle response detectable.

Published iSCAT principle. Exact implementation inside illumionONE is undisclosed.

analysis | inspected 2026-11-01 | Source 1

Camera and analysis
Images show where optical contrast changes during the electrical experiment.

Purpose. A whole-cell electrical trace cannot locate a change within one particle.

Illustrative LCO-inspired contrast, not measured data or a lithium map.

analysis | inspected 2026-11-01 | Source 1 | Source 2

Electrochemical control
A potentiostat applies the test protocol and records the electrical response.

Purpose. The optical image needs the context of a known electrical experiment.

Functional control symbol, not an external accessory or an invented circuit.

company claim | inspected 2026-11-01 | Source 1 | Source 2

Focus and vibration control
Focus tracking and vibration isolation help keep the selected surface consistently imaged.

Purpose. Unwanted drift could change image contrast.

Functional focus target only. No proprietary actuator or performance claim is depicted.

company claim | inspected 2026-11-01 | Source 1 | Source 2

company claim; analysis geometry · Illumion source. Source inspection dates are listed for each component. Publication date is recorded in the dossier source list where established. Every shape is an explanatory simplification; the scene does not establish engineering performance.

Capital, customers and market direction

Money and market

Evidence checked to . Company finances and wider-market indicators are kept separate.

Follow-on financing

GBP 1.7m

Cambridge Enterprise reports financing co-led by Foresight and ZEISS Ventures to support commercial development and the product roadmap. [F1]

No cash balance, valuation or aggregate lifetime funding is inferred.

company claim

Business expansion

Lab to industry

illumionONE serves research workflows; illumionX is being developed for industrial battery teams. [F1]

A development roadmap is not an industrial order book or installed production tool.

company claim

Instrument-market signal

6% organic

Thermo Fisher reported 6% organic revenue growth and USD 12.14bn revenue in Q3 2026. Reported growth was 9%. [F2]

Organic growth is the issuer non-GAAP measure. Group activity spans far beyond battery instruments.

verified

Cash and runway

Not disclosed

Not established. Current cash, committed facilities, monthly cash burn and a funded milestone plan have not been obtained.

A financing announcement is not the cash balance. No runway estimate is shown.

analysis

What the market signal means

Commercial validation matters more than a broad market multiple

A growing diversified instrument provider suggests improving research-tool demand. Illumion still needs evidence that customers buy the optical insight at a price that covers assembly, calibration, service and working capital. [F1] [F2]

Thermo Fisher multiples or margins cannot be transferred to a young instrument company.

analysis

Thermo Fisher group revenue

Third quarter revenue in successive years, reported values.

USD billion. Bars start at zero.

Q3 202511.12
Q3 202612.14

Group-wide comparator, not battery-imaging market size; acquisitions contribute to reported growth. [F2]

Source location: Financial Results: Q3 revenue USD 12.14bn versus USD 11.12bn. Reported values; no forecast or startup valuation.

Questions that change the financial case

  • What is realised selling price and gross margin per accepted instrument after calibration and warranty?
  • How long is the sales-to-installation cycle, and who finances inventory?
  • Do consumable and service renewals create recurring contribution after the initial sale?
Financial overview sources and dates
  1. F1 Cambridge Enterprise: Illumion follow-on financing

    Published 2026-10-29 · Accessed 2026-11-01

  2. F2 Thermo Fisher Q3 2026 results

    Published 2026-10-21 · Accessed 2026-11-01

The development

On 28 October 2026, ZEISS announced participation in a £1.7 million Illumion financing. [1] verified

Claims and evidence

  • Illumion markets a laboratory battery-imaging instrument and is developing an industrial platform. [8] [12]

    company claim
  • On 28 October 2026, ZEISS announced participation in a £1.7 million Illumion financing. [1]

    verified
  • Companies House lists ILLUMION LTD, number 14191478, as active and private limited. [2]

    verified
  • Illumion lists its operating contact location in Cambridge, United Kingdom. [13]

    verified
  • The current control register contains a no-registrable-controller statement notified on 6 November 2024. This is not a complete cap table. [3]

    verified
  • The original peer-reviewed study used optical interferometric scattering to follow individual lithium cobalt oxide particles during battery cycling. [7]

    verified
  • Battery Power included illumionONE in its June 2025 editorial shortlist for products offered for purchase at the conference. [6]

    verified
  • CPI announced Scope-X in July 2026 as a project to test electrode-quality diagnostics. This is a validation programme, not a reported factory result. [5]

    company claim
  • Quantum Design announced an Illumion distribution agreement in August 2025. [10]

    company claim
  • Illumion publishes user testimonials attributed to Nyobolt, WMG and Fraunhofer ISE. These do not establish paid purchases. [8]

    company claim
  • Illumion's November 2024 release reported a £2.1 million seed round; Faraday later described completion in December. The date discrepancy remains unresolved. [4] [14]

    company claim
  • The research question is whether established laboratory measurements can support repeatable industrial decisions and paid adoption. [7] [5] [12]

    analysis

Assessment

TopicReading and evidence
Product and mechanismOptical changes during cycling provide particle-level information. The marketed system combines an optical coin cell, electrochemical control and software. It does not establish factory-wide inspection performance. [7] [8]

analysis

Customers and buying processResearch laboratories are the established target audience; manufacturing quality teams are a proposed extension. Budget ownership, procurement duration and purchase criteria remain unknown. [8] [5]

analysis

Commercial proofAn earlier product offer, seller-hosted testimonials and a distributor announcement support commercial activity. Paid installations, repeat orders and independently confirmed customer savings are not established. [6] [8] [10]

analysis

Pricing or economicsNot established. Quotations, margins, service costs and measured customer savings are needed to assess affordability and returns.

unknown

Competitors and substitutesExisting electrode inspection is the industrial benchmark. X-ray and electron techniques remain laboratory alternatives. No matched comparison establishes superior total cost or accuracy. [5] [7]

analysis

DistributionQuantum Design's agreement is a documented channel announcement. Current company listings also include NewSpec and SFR. Channel sales, margins and contractual exclusivity remain unknown. [10] [11]

analysis

Intellectual property or defensibilityNot established. A patent-family record, current grant status, ownership documents and licence terms are needed before judging exclusivity or freedom to operate.

unknown

Manufacturing or operational scalingThe integrated instrument creates assembly, calibration and service requirements. Production capacity, yield, component dependencies, uptime and field-repair costs need operating records. [8] [9]

analysis

RegulationNot established. Product-specific conformity declarations, safety test reports and deployment requirements were not retrieved.

unknown

Capital needsThe new financing supports development plans, but runway and funding to industrial launch are unknown. The consortium project budget must not be treated as cash received by Illumion. [12] [5]

analysis

Key risksOptical access and sample preparation may restrict representative inspection. The FAQ distinguishes fast optical events from protocol-dependent measurement duration. Camera speed is not manufacturing throughput. [7] [8] [9]

analysis

Next falsifiable milestoneSeek an independently witnessed test on representative defective and acceptable electrodes, with buyer-agreed error rates, total inspection time and a conventional comparator, followed by paid customer acceptance. [5]

analysis

TeamThe seed announcement identifies scientific co-founders. Research expertise supports the technical origin; industrial delivery, customer support capacity and senior commercial experience need separate evidence. [4]

analysis

Business modelHardware, software and support appear in the product and channel offer. The revenue split, recurring component, contract terms and renewal rates remain unknown. [8] [10]

analysis

Opinion

Worth researching as a transition from laboratory instrumentation to industrial purchasing. The financing gives an existing scale-up question fresh relevance; the useful test is whether customers will pay for a reliable measurement that improves a decision.

Limits. Industrial performance and unit economics remain unproven in the cited sources. Independent validation of the full method is not established. Reverse the positive industrial reading if blinded representative tests miss buyer-agreed accuracy or throughput thresholds, or successful trials fail to produce paid acceptance.

opinion

Commercial picture · 2026-11-01

Competition, costs and demand

Commercial context as of 1 November 2026. Claims remain bounded by the cited evidence.

Commercial relationships

Schematic of the documented offer and possible buying path.

Complete participants, relationships and sources

Illumion

company claim

Offers an imaging system. [8]

Revenue and margins undisclosed.

Quantum Design

company claim

Announced distribution channel. [10]

Sales volumes unavailable.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Laboratory buyer

analysis

Research organisation evaluating equipment. [10]

Illustrative buyer category.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Battery researcher

analysis

Uses optical and electrical observations. [20]

Research scope only.

Merryweather et al., author preprint v1

Published 2020-11-20; Accessed 2026-11-01

Open original source

Product and support

company claim

Illumion → Quantum Design

Illumion appoints Quantum Design to distribute its battery-research system in the announced territories. [10]

What happens
Illumion appoints Quantum Design to distribute its battery-research system in the announced territories.
Why it matters
Quantum Design brings a scientific-instrument sales and service channel to potential research customers.
What follows
The channel can offer the instrument to laboratories; the agreement does not establish a particular sale.

Commercial terms unavailable.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Sales and service

company claim

Quantum Design → Laboratory buyer

Quantum Design offers sales and service support for Illumion equipment to research organisations. [10]

What happens
Quantum Design offers sales and service support for Illumion equipment to research organisations.
Why it matters
This connects laboratories evaluating battery-analysis equipment with the product and its commercial support.
What follows
A laboratory would still evaluate and purchase the system; no named customer order is established here.

No sale to a named laboratory established.

Quantum Design, Illumion distribution agreement

Published 2025-08-08; Accessed 2026-11-01

Open original source

Potential payment

analysis

Laboratory buyer → Illumion

An equipment purchase would create a payment obligation for the laboratory acquiring the Illumion system. [9]

What happens
An equipment purchase would create a payment obligation for the laboratory acquiring the Illumion system.
Why it matters
The arrow represents a possible equipment-sale revenue route, not payment for research results.
What follows
The contracting party and distributor payment routing would need confirmation before assigning revenue to either company.

Illustrative money flow; distributor payment routing unknown.

Equipment access

analysis

Laboratory buyer → Battery researcher

A laboratory could give its researchers access to the imaging and electrochemical measurement system. [20]

What happens
A laboratory could give its researchers access to the imaging and electrochemical measurement system.
Why it matters
Researchers can compare optical observations with electrical behaviour during a battery experiment.
What follows
The researcher interprets the measurements; equipment access alone does not establish improved battery performance.

No named installation implied.

Merryweather et al., author preprint v1

Published 2020-11-20; Accessed 2026-11-01

Open original source

Scope. Arrows distinguish an announced channel from illustrative purchasing and use. They do not encode contract values or verified revenue.

Competition and substitutes

Evidence and limits for competition and substitutes.

TopicEvidence and scope
Thermo Fisher microscopy

Thermo Fisher markets SEM, FIB-SEM and spectroscopy for battery research, quality control and failure analysis. [15]

company claim

Structural and chemical measurements answer different questions from operando optical contrast. No matched price or performance comparison.

ZEISS microscopy

ZEISS offers VersaXRM, GeminiSEM and Crossbeam battery workflows. Its imaging portfolio is a substitute or complement depending on the measurement. [21]

analysis

ZEISS Ventures also participated in the financing. Investment does not prove integration or a component supply contract.

Continue conventional inspection

Thickness, weight and visible-defect checks are the current manufacturing baseline described by CPI. Keeping these methods is a practical alternative. [5]

analysis

Functional defect detection must be tested against this baseline.

Competitive funding comparison

Not established. Comparable financing histories for specialist charge-photometry rivals were not established. Public-company financials describe an incumbent, not startup funding.

Not established

Further primary evidence is required.

Funding

Evidence and limits for funding.

TopicEvidence and scope
Seed round

Illumion announced a GBP 2.1 million seed round on 10 November 2024, led by Foresight with Cambridge Enterprise Ventures, Parkwalk and Cambridge Angels. [4]

company claim

Announcement evidence; not bank confirmation or a current cash balance.

Follow-on financing

Cambridge Enterprise reports GBP 1.7 million, co-led by Foresight and ZEISS Ventures, with Parkwalk, Cambridge Enterprise Ventures, Cambridge Angels and YourVC. [12]

company claim

The primary page is dated 29 October 2026, consistent with its publication metadata. No aggregate lifetime funding or cash balance is inferred.

Scope-X project funding

CPI reports GBP 480,000 for a 12-month Innovate UK-funded project. [5]

company claim

Consortium project budget, not Illumion cash received, company revenue or equity.

Capital structure

Not established. Debt balances, grant drawdowns, valuation, dilution, committed versus received cash and runway require financial records.

Not established

Further primary evidence is required.

Costs and operating economics

Evidence and limits for costs and operating economics.

TopicEvidence and scope
Commercial substitute access

Oregon CAMCOR lists FIB-SEM at USD 412.69 per hour with technician time or USD 311.90 without it for July 2026 to June 2027. [22]

verified

Customer OPEX benchmark: one hour at an established US shared facility, nominal USD. Sample preparation is separately listed; no battery throughput, shipping, tax or complete-project cost is established. It is not an Illumion quotation.

Academic substitute access

Cambridge lists FEI Helios SEM/FIB at GBP 59 per weekday hour from February 2026 for academic users within the university. [23]

verified

UK shared-facility access tariff, nominal GBP, not a commercial rate or full economic cost. No sample throughput or Illumion saving follows.

Consumables and instrument scope

The FAQ describes separately purchased optical coin-cell starter and replenishment packages, alongside an instrument, vibration isolation and acquisition computer. [9]

company claim

Consumable pricing, utilisation and replacement frequency are undisclosed.

Company CAPEX and unit costs

Not established. Instrument bill of materials, assembly yield, calibration labour, warranty provision, working capital and factory investment are unavailable. Procurement notices that could not be opened are excluded.

Not established

Further primary evidence is required.

Supply and delivery chain

Evidence and limits for supply and delivery chain.

TopicEvidence and scope
Components to instrument

The product requires optics, camera, electrochemical control, software and an optical cell. These define functional input categories for integration. [9] [19]

analysis

Named component vendors, manufacturing location and make-or-buy split remain unknown.

Seller and service channel

Quantum Design announced distribution in China, India, South Korea, Japan and the United States, with sales and service support. [10]

company claim

Agreement announcement; exclusivity, stocking, transfer prices and realised sales are not disclosed.

Validation samples

CPI plans controlled electrode variations and known defects for Scope-X evaluation. [5]

company claim

Research sample contribution, not proof of production component supply or a paid instrument order.

Supply resilience

Not established. Supplier concentration, long lead-time parts, inventory cover, calibration traceability and field-service capacity require operating records.

Not established

Further primary evidence is required.

Adoption drivers

Evidence and limits for adoption drivers.

TopicEvidence and scope
Particle information

The optical study tracks individual LCO particles during cycling. Such information can complement cell-level electrical tests. [20]

analysis

Laboratory evidence from a particular material and optical half-cell. It does not establish manufacturing savings.

Industrial decision point

Scope-X is intended to test earlier electrode assessment before cell assembly. [5]

company claim

Potential benefit, not an achieved scrap reduction.

Market access

The distributor agreement offers a route to research institutions and industrial R&D laboratories across five named countries. [10]

analysis

Channel availability does not measure demand.

Adoption blockers

Evidence and limits for adoption blockers.

TopicEvidence and scope
Measurement interpretation

Optical contrast depends on material properties and experimental geometry. The original LCO measurements do not provide universal lithium calibration. [20]

analysis

Selected Methods pages and original supplementary Figure 1 have been inspected. Further material-specific calibration and independent replication remain unestablished.

Sample preparation and protocol

An optically accessible coin cell and electrochemical protocol are required. [9]

analysis

Camera acquisition speed must not be used as end-to-end manufacturing inspection throughput.

Industrial acceptance

Not established. Buyer-agreed sensitivity, false-alarm rates, repeatability, maintenance, conformity documentation and paid acceptance tests are needed.

Not established

Further primary evidence is required.

Demand evidence

Evidence and limits for demand evidence.

TopicEvidence and scope
Offered laboratory product

Illumion markets illumionONE and publishes testimonials attributed to Nyobolt, WMG and Fraunhofer ISE. [8]

company claim

Seller-hosted comments do not prove paid installations, order value or repeat purchases.

Industrial development

Cambridge Enterprise describes illumionX as a platform in development for industrial battery teams. [12]

company claim

Product roadmap, not a purchase order or completed factory deployment.

Volume and sentiment

Not established. Audited sales, backlog, conversion rates, cancellations and independent buyer or public surveys were not established.

Not established

Further primary evidence is required.

Users, buyers and payers

Evidence and limits for users, buyers and payers.

TopicEvidence and scope
Research buying roles

Battery scientists use the measurements; laboratory or corporate R&D procurement is the plausible budget route. [8] [10]

analysis

Budget holder and contract payer are analytical categories, not named confirmed purchasers.

Manufacturing buying roles

Electrode quality and process teams are prospective users of the industrial validation programme. [5]

analysis

Factory procurement authority, qualification duration and willingness to pay remain unconfirmed.

Strategic transactions

Not established. No acquisition interest or acquisition mandate was established. A financing investor is not automatically a buyer of the company or product.

Not established

Further primary evidence is required.

Public-company context · 2026-11-01

Listed companies around this market

Listed analytical-instrument comparator. No valuation or confirmed trading relationship is inferred.

A listed company's share price reflects its whole business. It does not establish demand for this startup, a supplier relationship or a private valuation.

Thermo Fisher Scientific

Comparator · analysis

Its battery microscopy offer competes for laboratory characterisation budgets. The 21 October 2026 issuer announcement confirms the NYSE listing. [15] [18] [16]

No Illumion supplier or customer contract is established. Segment figures include other scientific instruments and applications; this is not a pure battery-imaging peer.

View Thermo Fisher Scientific on TradingView. External price data may be delayed or unavailable; filing evidence is shown below.

Analytical Instruments revenue

Reported Analytical Instruments segment revenue, including intersegment sales; annual USD million. Not consolidated group revenue. Units: USD million.

Analytical Instruments revenue, USD million. Exact values and citations follow in the table.7,55407,46320242024-12-31: 7,463 USD million7,55420252025-12-31: 7,554 USD million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-317,463 USD million2026-02-26 · verified
2025 Form 10-K, Note 11, Segment and Geographical Information, 2024 and 2025 tables, pages 63-64; total segment revenues row [16]
2025-01-01 to 2025-12-317,554 USD million2026-02-26 · verified
2025 Form 10-K, Note 11, Segment and Geographical Information, 2024 and 2025 tables, pages 63-64; total segment revenues row [16]

Diversified incumbent segment, not Illumion economics or battery-only activity.

Analytical Instruments PP&E purchases

Analytical Instruments purchases of property, plant and equipment; positive spending magnitude, annual USD million. Excludes acquisitions and other segments. Units: USD million.

Analytical Instruments PP&E purchases, USD million. Exact values and citations follow in the table.12409520242024-12-31: 95 USD million12420252025-12-31: 124 USD million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-3195 USD million2026-02-26 · verified
2025 Form 10-K, Note 11, pages 63-64, 2024 and 2025 tables, Purchases of property, plant and equipment row [16]
2025-01-01 to 2025-12-31124 USD million2026-02-26 · verified
2025 Form 10-K, Note 11, pages 63-64, 2024 and 2025 tables, Purchases of property, plant and equipment row [16]

Diversified incumbent segment, not Illumion economics or battery-only activity.

Calculated comparisons

2025 segment PP&E purchases / revenue: 1.64% analysis · calculated, rounded to 2 decimal places

100 × 124 ÷ 7,554. Analytical Instruments PP&E purchases / Analytical Instruments revenue, period ending 2025-12-31. [16]

Derived from rounded segment values. Includes intersegment revenue. Not a forecast of Illumion capital intensity.

Competitive landscape · 2026-11-01

Who else solves this?

Alternative battery-characterisation workflows to Illumion optical charge photometry. These are named tools competing for research budgets, not four identical charge-photometry products.

Comparison lens. Compare the measurement required: particle charging behaviour, chemical identity, nanoscale structure or three-dimensional morphology. Combining techniques may be more informative than substituting one instrument for another. analysis

Established supplier · International manufacturer; US catalogue

Thermo Fisher electron microscopy

SEM, FIB-SEM and related analysis for battery materials, defects and interfaces.

Difference
Structural and chemical information complements optical charging contrast; destructive preparation and vacuum workflows differ.
Maturity
Marketed battery research and failure-analysis portfolio.
Economics
Equipment, sample preparation, operator time and servicing require quotations; no comparable total cost was established.
Funding / ownership
Thermo Fisher supplies the portfolio. Dedicated battery-microscopy funding is not disclosed on this page.

A microscopy portfolio is not a directly equivalent operando charge-photometry instrument.

analysis

Sources and dates

Thermo Fisher battery microscopy portfolio (published date not stated; accessed 2026-11-01)

Established supplier · International manufacturer; US application documentation

ZEISS battery microscopy

X-ray and electron microscopy workflows for cell architecture, particles, cracking and interfaces.

Difference
Three-dimensional structure and morphology can explain different failure causes from Illumion optical measurements.
Maturity
Current marketed battery-research workflow with named instrument families.
Economics
Instrument and facility-access costs depend on modality and sample preparation; matched quotations are absent.
Funding / ownership
ZEISS supplies the portfolio; this product page does not establish financing allocated to battery workflows.

Potential complement and budget alternative. Do not infer charging kinetics directly from a structural image.

analysis

Sources and dates

ZEISS battery research microscopy workflows (published date not stated; accessed 2026-11-01)

Alternative approach · International manufacturer; product-specific territory checks outstanding

Renishaw inVia Raman

Confocal Raman microscopy for battery composition, structure and spatial mapping, including triggered operando acquisition.

Difference
Measures vibrational chemical information rather than optical charge contrast. Can investigate chemistry behind degradation.
Maturity
Marketed microscope with manufacturer-described battery applications and potentiostat triggering.
Economics
Requires instrument, compatible electrochemical cell and operator workflow. No matched throughput or price comparison is established.
Funding / ownership
Renishaw supplies inVia; product-specific funding is not disclosed by this application page.

Raman and charge photometry have different sensitivity and sampling constraints; no universal performance ranking.

analysis

Sources and dates

Renishaw inVia Raman battery measurements (published date not stated; accessed 2026-11-01)

Alternative approach · International supplier; shipment availability requires confirmation

EL-CELL ECC-Opto-Std workflow

Windowed electrochemical test cell for optical or Raman observation of electrodes.

Difference
Lets a laboratory assemble its own optical measurement with a microscope and potentiostat instead of buying an integrated system.
Maturity
Catalogued test-cell hardware with published experimental examples and manuals.
Economics
The cell is only one component; microscope, potentiostat, integration and analysis labour prevent a cell-price comparison with a whole instrument.
Funding / ownership
EL-CELL supplies the hardware; ownership and dedicated funding were not established here.

A windowed cell alone does not implement validated charge photometry or Illumion analysis software.

analysis

Sources and dates

EL-CELL ECC-Opto-Std optical test-cell applications (published date not stated; accessed 2026-11-01)

Coverage limits. Bounded primary-source comparison, not an exhaustive census or independent performance test. Product-specific funding, current cash, contract pricing and head-to-head outcomes are unknown unless explicitly stated. Adjacent tools may complement the company rather than replace it.

Sources

  1. 1
    ZEISS financing announcement

    investor | Published 2026-10-28 | Accessed 2026-11-01

  2. 2
    Companies House company overview

    filing | Published undated | Accessed 2026-11-01

  3. 3
    Companies House control register

    filing | Published undated | Accessed 2026-11-01

  4. 4
    Illumion seed financing announcement

    company | Published 2024-11-10 | Accessed 2026-11-01

  5. 5
    CPI Scope-X validation project

    project-partner | Published 2026-07-13 | Accessed 2026-11-01

  6. 6
    Battery Power editorial product shortlist

    independent | Published 2025-06-11 | Accessed 2026-11-01

  7. 7
    Cambridge repository: original Nature study

    paper | Published 2021-06-23 | Accessed 2026-11-01

  8. 8
    illumionONE product and hosted testimonials

    company | Published undated | Accessed 2026-11-01

  9. 9
    Illumion instrument FAQ

    company | Published undated | Accessed 2026-11-01

  10. 10
    Quantum Design distribution announcement

    distributor | Published 2025-08-08 | Accessed 2026-11-01

  11. 11
    Illumion distributor directory

    company | Published undated | Accessed 2026-11-01

  12. 12
    Cambridge Enterprise financing account

    investor | Published 2026-10-29 | Accessed 2026-11-01

  13. 13
    Illumion operating location

    company | Published undated | Accessed 2026-11-01

  14. 14
    Faraday startup update

    research-support-organisation | Published 2025-06-03 | Accessed 2026-11-01

  15. 15
    Thermo Fisher, battery microscopy

    manufacturer product description | Published undated | Accessed 2026-11-01

  16. 16
    Thermo Fisher, 2025 Form 10-K

    official SEC annual filing | Published 2026-02-26 | Accessed 2026-11-01

  17. 17
    SEC, filing acceptance record

    official SEC filing metadata | Published 2026-02-26 | Accessed 2026-11-01

  18. 18
    Thermo Fisher, third-quarter 2026 results

    issuer results announcement | Published 2026-10-21 | Accessed 2026-11-01

  19. 19
    Illumion, charge photometry

    company technical description | Published undated | Accessed 2026-11-01

  20. 20
    Merryweather et al., author preprint v1

    primary author preprint | Published 2020-11-20 | Accessed 2026-11-01

  21. 21
    ZEISS, battery microscopy

    manufacturer product description | Published undated | Accessed 2026-11-01

  22. 22
    University of Oregon, FY2027 commercial facility rates

    university tariff | Published undated | Accessed 2026-11-01

  23. 23
    University of Cambridge, academic microscopy access charges

    university tariff | Published undated | Accessed 2026-11-01

  24. 24
    Nature 2021 paper: PubMed bibliographic record and abstract

    primary paper abstract and bibliographic record | Published 2021-06-23 | Accessed 2026-11-01

  25. 25
  26. 26
    Nature publisher supplement, selected interpretation text and Supplementary Figure 1

    primary paper supplement | Published undated | Accessed 2026-11-01